Sales of existing homes seen holding steady in July

The sales pace of previously owned homes likely held steady last month, staying close to the fastest pace since late 2013, according a consensus forecast.

Economists polled by MarketWatch expect the annual sales rate for existing home ticked down to 5 million last month from 5.04 million in June, which was the fastest pace since October. If data show that sales declined in July, that would be the first decrease in four months.

Economists expect total deals this year to wind up below 2013’s tally, pulled down by a weak first half of the year. A July pace of 5 million would mean the sales rate was down 7% from the year-earlier period.

An unusually harsh winter, escalating mortgage rates and prices, limited inventory and tight credit standards have all contributed to holding back home sales. Households are also increasingly interested in renting than owning.

The National Association of Realtors will release the home-sales data at 10 a.m. Eastern.

Earlier Thursday, the government will release its most recent report on unemployment benefits, and economists expect that initial claims for jobless benefits declined to 300,000 in the week that ended Aug. 16 from 311,000 in the prior week.

Claims readings are trending near pre-recession levels, signaling a slow pace of layoffs – a good sign for workers and the greater employment environment. The U.S. Labor Department will release the claims report at 8:30 a.m. Eastern.